AXT appoints new chief executive, lays off 100
California-based substrate manufacturer AXT has appointed Philip Yin as CEO, effective from 28 March. Yin replaces Donald Tatzin, who had served as the company's interim CEO since May 2004.
Yin was previously Aixtron's general manager for North America, and has held the position of president of ATMI Epitaxial Services, as well as senior roles at Crysteco and Mitsubishi Silicon America.
AXT is also cutting 100 staff from its Beijing, China, facility. The company cites ongoing efforts to reduce its cost structure, as well as bringing capacity in line with current demand, as the reasons for reducing the Chinese workforce by 15 percent.
AXT will record a restructuring charge of just $0.1 million in the first quarter related to the headcount reduction, which it will complete this month. AXT expects that this move will produce annual payroll and related expense savings of $0.3 million.
